Government Capability to Pay Debts Improves; as 2001 GIR Rises to $15 Billion

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The government's ability to settle its maturing foreign obligations improved with the increase in the gross international reserves (GIR) for year 2001 to $15 billion, $1 billion higher than the $14 billion target level of the Bangko Sentral ng Pilipinas (BSP).

According to BSP Governor Rafael B. Buenaventura, the increase in the GIR for the year past was brought about by the new borrowings of the national government concluded during the last two months of 2001.

These were the $406 million proceeds of the government's issuance of the Shibosai bonds in the Japanese bond market and the $125 million worth of dollar denominated Treasury Bills with one year tenor handled by CitiBank N. …

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), is considering a one percentage point reduction in banks' liquidity reserves this week, provided inflation rate for November turns out to be within the 5.0 percent to 5.5 percent target. "We are waiting for (the…

The Monetary Board, the policymaking body of the Bangko Sentral ng Pilipinas (BSP), decided to keep the existing 11 percent liquidity reserves following the 3.3 percent positive growth of the economy in the second quarter. Also maintained by the monetary authorities was the overnight borrowing rate…

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), declined to grant the liquidity reserves feature to the zero coupon bonds worth P5 billion to be floated by Home Guarantee Corporation (HGC). According to BSP Governor Rafael Carlos B. Buenaventura, the liquidity…

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), will hold off downward adjustments in liquidity reserves largely due to the teeming liquidity in the financial system. BSP Governor Rafael Carlos B. Buenaventura, who reported for work after seven weeks of medical…